| While MLS members including real estate agents and | | | | built home. Investors do not want to perform |
| brokers understand how an MLS works, many | | | | analysis or compare capitalization rates on |
| homeowners using alternative means to list a | | | | apartments, only to have a mobile home park |
| property in the MLS (such as through flat fee listing | | | | mistakenly placed in the category. Likewise, some |
| brokers) do not know exactly what types of | | | | buyers may specifically be looking for single family |
| property are eligible to be listed. Each Multiple Listing | | | | attached homes like condos and town homes; sellers |
| Service has a variety of property types which are | | | | that accidentally classify the property as single family |
| typically divided into sections. While they vary | | | | detached might be missing out on valuable buyers. |
| according to local MLS, some of the most common | | | | Sellers also need to be aware that an MLS typically |
| property types are: single family residential, | | | | only lists real property. Unattached mobile homes are |
| multi-family residential, land, commercial, residential | | | | often considered personal property. Likewise, |
| rental, and commercial rental. Some other multiple | | | | businesses for sale that do not include real estate |
| listing services further divide out condos and co-ops | | | | should generally not be listed in the commercial |
| into a separate section of the MLS, while most | | | | property section. Some MLS systems have a |
| incorporate all single family property types together | | | | separate section for business opportunities; however, |
| (single family detached, townhomes, condos, lofts, | | | | most states require a totally separate business |
| manufactured and mobile homes, etc.) into the single | | | | broker license in order to list a business for sale, and |
| family residential category. In the same way, some | | | | as such, do not expect that most real estate agents |
| MLS systems divide out multi-family residential into | | | | will choose to obtain a business brokers license or |
| separate classifications for units available for | | | | access the business opportunities section. |
| residential financing (2-4 units), units available for | | | | If there is any confusion about how your property |
| commercial financing (5 or more units), and mobile | | | | would be classified in the MLS, you should ask your |
| home and trailer parks. | | | | broker. Certain nuances are specific to a particular |
| It is extremely important that your property is listed | | | | local MLS, such as the difference between a |
| in the correct section and property type in the MLS. | | | | manufactured versus mobile home (it might simply be |
| Even though you may think that it is beneficial to | | | | the year built or it might be much more complicated). |
| place the property in a different, more highly valued | | | | Likewise, you want to ensure that when you are |
| section of the MLS (such as single family detached | | | | pricing your home, you look at other homes of the |
| instead of attached), this strategy is ill-advised and | | | | same property type. Condos and single family homes |
| simply does not work. Buyers and buyers' agents do | | | | rarely ever have similar valuations due to obvious |
| not want to waste their time going to look at a | | | | differences. Understanding the different property |
| manufactured home that they think is a normal site | | | | types is one of the first steps to sales success. |